Absentee bid:
An absentee bid gives the auction company the authority to bid on your behalf, up to the amount you have specified.
Absentee Bid on Proxibid:
An absentee bid entered through our Web site will be executed by an auction agent attending the live auction. Proxibid and our auction company partners will do our best to acquire your item at the lowest possible price.
All for one:
An auctioneer may group many items together to be sold for one price. The hammer price will be the total for all the items in the group.
Auction Agent:
Individual responsible for running Proxibid’s live Internet bidding software, and will place bids on behalf of Internet bidders at the live auction.
Buyer’s premium:
This is a fee that you see at traditional auctions that is added to the final price of an item. The fees can range from 1% to as high as 20% depending on the type of inventory being sold. For example: if there is a buyer’s premium of 5% on a $10 item, the cost would be $10.50. This purchase is still subject to sales tax and any packing and shipping costs associated with your item.
Choice lot:
An auctioneer may combine similar items together in a “choice” group. The high bidder has the right to select which items in the group that they want times the final price. For example: the auctioneer groups three lawnmowers and offers them as choice. The winning bidder then has the option to select one or more of the lawnmowers. If the final price is $10, and the bidder selects all three mowers, the total amount due will be $30.
Hammer price:
This is the final price when an auctioneer says "sold!" or when the time has run out on a timed auction.
Lot:
Specific item to be sold at auction.
Pre-bidding:
Pre-bidding gives the auction company the authority to bid on your behalf, up to the amount you have specified.
Times the money (X’s the $):
The number of items in the group multiplied by the hammer price. If five items are sold times the money and you won it for $5, the final hammer price would be $25.
Satellite Internet connections:
This connection type cannot be use in "real time" applications such as our live bidding application. For more information on this topic,
click here.